Singapore Fashion Retailer Inverted Edge Takes $1.6M Funding

A Singaporean fashion retail site has secured $2 million (S$2 million) in funding from a government-backed group of VCs. When it launches next month, the e-tailer, called Inverted Edge , will carry a consignment of goods from Asia-Pacific designers, according to CEO, Debra Langley. The funding it received was from the Singapore National Research Foundation (NRF), Incuvest, Accel-X and four other undisclosed private investors. Incuvest is a government-appointed VC under its Technology Incubation Scheme (TIS), which offers 85 percent of a decided sum from the NRF if Incuvest comes up with the remaining 15 percent. The online fashion scene is seeing a surge in retail startups mushrooming against a backdrop of larger global players like Asos.com. In Asia, the market is further split with massive marketplaces like Taobao’s Tmall and Rakuten . Langley said that Inverted Edge doe...